Ghana Secures $370 million from IMF despite setbacks in economic programme

Ghana and the International Monetary Fund (IMF) have reached a staff-level agreement on the fourth review of the country’s $3 billion Extended Credit Facility programme.

This deal unlocks a $370 million disbursement once the IMF Executive Board gives final approval.

The agreement follows a two-week mission to Accra and comes despite fiscal challenges during the 2024 election season.

IMF Mission Chief Stéphane Roudet acknowledged Ghana’s stronger-than-expected economic growth in 2024, driven by mining, construction, and improved foreign reserves.

However, he flagged missed reform targets and rising inflation linked to pre-election spending.

Ghana’s new leadership has since introduced a tighter 2025 budget with a projected 1.5% primary surplus and reforms to curb overspending.

Efforts also include tackling inefficiencies in procurement and the energy sector, boosting transparency, and reinforcing social protection.

Debt restructuring remains ongoing, with agreements progressing under the G20 Common Framework.

The IMF praised Ghana’s commitment to restoring fiscal discipline and economic resilience.